Asian economy expected to increase 4.5 percent in 2024: report
(ECNS) -- The Asian economy is expected to increase by 4.5 percent in 2024 amid a strong consumption and proactive fiscal policy, faster than 2023, according to the Asian Economic Outlook and Integration Progress flagship report issued at the Boao Forum for Asia Annual Conference 2024 in South China's Hainan Province on Tuesday.
Despite internal and external economic challenges, the Asian economy will maintain a high growth in 2024, the report forecasted.
In terms of unemployment, Asia's overall unemployment rate for 2024 will be lower than the global rate, according to the report.
The International Labor Organization forecasted the global employment growth rate will maintain at 0.8 percent and the global unemployment rate at 5.16 percent, with Asia's at 4.71 percent.
The price increase remains stable and the inflation pressure in most Asian economies is expected to ease further in 2024, but income growth still faces considerable challenges.
In terms of trade and investment, Asia's trade in goods declined, but trade in services grew rapidly last year. Asia is expected to reverse the downward trend in 2023 with the accelerated development of digital trade, the recovery of tourism in Asia, the continuous advancements of economic and trade arrangements such as the Regional Comprehensive Economic Partnership, the report said.
The positive effects of restructuring Asian value chains and industrial chains on regional economic integration are expected to gradually emerge and add new impetus to Asian trade and investment.
Related articles
Coleen Rooney gives a glimpse into her £20million Cheshire mansion as she employs a celebrity
Coleen Rooney has shared a glimpse into her luxury mansion in Cheshire, as she shared a video of get2024-05-01China sees fewer production safety accidents in Q1
BEIJING, April 12 (Xinhua) -- China saw less production safety accidents in the first quarter of thi2024-05-01Commentary: Hyping up China's industrial capacity, an ill logic leading nowhere
(Xinhua) 15:42, April 11, 2024BEIJING, April 11 (Xinhua) -- Of late, the false proposition targeting2024-05-01Commentary: Philippines' provocation undermines regional stability
(Xinhua) 10:34, April 08, 2024BEIJING, April 8 (Xinhua) -- In recent months, the Philippines, suppor2024-05-012 die when small plane crashes in wooded area of northern Indiana
BRISTOL, Ind. (AP) — Two people were killed Tuesday when a small plane crashed in a wooded area in n2024-05-01Interview: Malaysia pursues holistic strategy to boost Chinese tourist arrivals
KUALA LUMPUR, April 11 (Xinhua) -- Malaysia is adopting a holistic approach to boost Chinese tourist2024-05-01
atest comment